In uncertain times like these, taking positive steps to make sure you have guaranteed monthly income makes perfect sense, so it's no wonder that many people tap their Social Security benefits as soon as they possibly can, at age 62.

The thing is, that's been the trend for years, in good economic times and bad. People know they can get their benefits at 62, so they do rather than waiting until their "full retirement age" or beyond. Yet the longer you wait, the higher your monthly benefit will be (you can get the highest monthly benefit by waiting until age 70), so delaying can bring substantial rewards later, when you're less likely to be able to supplement your income by working.

Certainly, there's a lot of concern about Social Security's long-term financial health, and it's entirely possible that future benefits will be reduced. But none of the proposed plans so far to put the system back on sound footing impose benefit cuts on people near retirement age, so if you're 62 and deciding when to tap into the system, it's highly unlikely your benefits will change if you wait.

But maybe the desire to start those checks coming early isn't really related to fears about the system's future. It might have more to do with people wanting to enjoy -- after years of toil and paying into the system -- a well-deserved payback. And there's always the risk that if you delay and then die tomorrow, you'll never have seen any of the money at all.

Still, anyone in reasonably good health ought to at least consider the potential rewards that patience can afford. Of course, if you do start your benefits early, there is a way to reset the clock later if you change your mind. Just pay back all of the Social Security benefits you've received to date, and you can restart your payouts at the higher monthly amount available to those who are older. But that deft trick requires being able to pay everything back first. And who knows how long the government will keep that little interest-free loophole open.

-- Andrea Coombes, assistant personal-personal finance editor

RETIREMENT

Don't rush your Social Security decision

Many Americans take Social Security early, at age 62, because they really need it. They're in poor health or unemployed or both. Others take benefits early because they're worried they'll lose out on what's rightfully theirs if benefits are reduced. But few people try to figure out the best age to take Social Security -- and that's a serious mistake. See Robert Powell.

Lawmakers push for payments to seniors

Lawmakers on Capitol Hill Thursday joined President Barack Obama in calling for one-time payments of $250 to senior citizens to help them get by next year without a cost-of-living increase. See full story.

CONSUMERS

Women, especially moms, vow to stay frugal forever

Women are increasingly reining in spending and promising that their new frugality is here to stay -- a vow that, if followed, could throw a wrench into the economic recovery. See full story.

Spare me the extended warranty

Earlier this year, an unwanted caller got hold of my cellphone number. I would answer, and a computerized recording would warn me that the factory warranty was about to run out on my vehicle, but if I acted now, I could get an extended warranty. The phone campaign told me one of two things: Either Toyota really cares about me, or selling extended warranties is a very profitable business. See Commentary: Neal Templin.

The 'democratization' of credit is over - now it's payback time

Karen King owes nearly $36,000, more than she's ever earned in a year. All day long, bill collectors call. She hunts for a second job, sometimes skips meals, and stays with other family members at a grandfather's crowded apartment, trying to get out of debt and turn her life around. See full story.

INVESTING

Demand for bonds raises eyebrows

Even some bond-fund managers are surprised by investors' continuing appetite for bonds and are warning that this year's outsize returns won't likely continue. This year through Oct. 7, investors poured a record $228.74 billion into taxable bond funds -- $36.68 billion in September -- and $63.07 billion into municipal-bond funds, according to Lipper FMI. See full story.

Dow at 10,000? Wake me when it's 14,000

Hooray, we're back to 1999 levels on the Dow Jones Industrial Average. Try as we might, the financial news media just couldn't muster the same enthusiasm on Wednesday for the Dow's crossing of the 10,000 threshold that we did when it first crossed that level on March 29, 1999 -- a week after I started at MarketWatch. See Commentary: David Callaway.

Dow 10,000: A caution sign for investors

If Dow 10,000 makes you nervous, you aren't alone. Millions of ordinary investors, burned by two stock-market crashes in the past decade, are leery of Wall Street. Mutual-fund investors continue to sell their stock funds and buy bond funds in the quest for more stability. And yet the market keeps rising. What should investors do? See full story.

Goldman bonuses seen rising dramatically

Goldman Sachs will almost certainly pay its staffers "dramatically" higher bonuses in 2009 than last year, reflecting stronger performance at the company, its chief financial officer said Thursday. See full story.

REAL ESTATE

U.S. foreclosure filings rise in third quarter

U.S. properties subject to foreclosure filings totaled nearly 938,000 in the third quarter, up 23% from the year-earlier quarter and up 5% from the second quarter, RealtyTrac reported on Thursday. See full story.

Spain house prices: How low should they go?

It could be worse, and it probably should be worse. That's the view that some economists take on news that Spain's house prices fell 7.8% in the third quarter, compared with the year-earlier quarter. These observers say the market isn't close to the bottom, since the country is vice-gripped in recession. See full story.

Despite uptick, 30-year loan rates hold below 5%

Mortgage rates rose this week as investors saw signs of a pickup in economic growth, but the benchmark 30-year mortgage held below 5% for the third consecutive week all the same, Freddie Mac said Thursday. See Mortgages.

TAXES

IRS touts amnesty, focuses on evaders

The Internal Revenue Service said more than 7,500 U.S. taxpayers with undeclared offshore accounts had stepped forward under its limited amnesty program, and the agency announced a new push to stop tax evaders from moving funds between foreign countries. See full story.

ESTATE PLANNING

Is there a trap lurking in the language of your will?

Have you checked your will lately--or your spouse's? If not, there may be a trap lurking in the language that could cause an unintended calamity after death. Here's why. Since 2001 the federal estate tax exemption has stepped up from $675,000 to its current level of $3.5 million per individual or, with planning, $7 million per couple. See full story.

Forged wills aren't just fiction anymore

Estate lawyers say will forgery is rare, but the document detectives often called in by unhappy heirs now have high-profile proof that it is more than just the stuff of novels: The guilty verdict for Brooke Astor's son and his lawyer. See full story.

ECONOMY & POLITICS

Pelosi sees House bill wrapped up within a week

House Speaker Nancy Pelosi said Thursday that a finished health-care bill is likely "in the course of the next week," and insisted again on it including a government-run insurance option. See full story.

U.S. jobless claims sink 10,000 to 514,000

The number of people filing for state unemployment benefits fell by 10,000 to a seasonally adjusted 514,000 in the week ending Oct. 10, the Labor Department reported Thursday. See Economic Report.

Consumer prices rise in September

U.S. consumer prices drifted higher in September, led by higher prices for cars, energy and medical care that offset falling rents and home-ownership costs, the Labor Department reported Thursday. See Economic Report.

Lawmakers may give small banks exemption from oversight

Lawmakers on a key committee began their final debate Thursday on the creation of a controversial Consumer Financial Protection Agency, including a contentious provision that would exempt banks with less than $10 billion in assets from examination by the new commission. See full story.

Key committee approves post-crisis derivatives bill

A key congressional committee on Thursday approved wide-ranging legislation to strengthen oversight of and increase transparency in the $592 trillion derivatives industry, which has been widely blamed for contributing to the financial crisis. See full story.

Official pleas for strong dollar fail to stem drop

Increased public hand-wringing over the U.S. dollar's drop -- from finance officials in Tokyo to Brussels to Washington -- has failed to lift the greenback as investors bet major central banks won't back up their remarks by buying dollars. See full story.

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